China’s largest oil refiner was quoted as saying Sunday that it will retain 70.1 percent of the retail unit, Sinopec Sales, after the transaction. Sinopec Sales operates more than 30,000 gasoline stations and 23,000 convenience stores across the country, and also has 80 million gas-card holders.

The sale represents a premium of 20 percent to the unit’s book value, according to the report. No single investor will own more than 2.8 percent stake in the unit.

More than half of Sinopec’s 25 new investors are incorporated in China, with the rest incorporated offshore but ultimately related to Chinese entities, the report said.

The investors come from a diverse range of industries, including life insurance, technology and appliance making. One investor is a fund that counts Internet firm Tencent among its shareholders.

The announcement caps a process that began in February, when Sinopec said it was following directives laid out in November as part of China’s major overhaul plan, which called for private companies to play a larger role in a mixed-ownership economy.

The Federal Reserve raised interest rates but left its rate outlook for the coming years unchanged even as policymakers projected a short-term jump in US economic growth from the Trump administration’s proposed tax cuts,...

Just when the prospect of Chinese developers raising funds through the domestic equity market seemed to be getting brighter, things took a nasty turn suddenly. Major developer Country Garden (02007.HK) announced on Monday that...

As Apple strives to boost iPhone X production in China to meet strong global demand for its latest flagship smartphone, the tech giant is also focusing on another important element in its business: Apple...

Singapore launched its first large-scale electric car-sharing program through which the land-scarce city state hopes to provide commuters with more transport options and steer them away from the need to buy their own cars,...

The high-profile founder of struggling Chinese tech conglomerate LeEco has been placed on an official blacklist of debt defaulters, a further blow to a firm that had spent heavily to compete in areas from...

Like startups involved in artificial intelligence, real estate-focused new technology businesses also have opportunities to showcase their strengths at a global event, a fact that a Hong Kong firm will readily attest. SnapFlat, an online...